National Agents:
Before your listing presentation, pull up comparable properties and go “preview” a few. This is because when listing a home, pricing will be your main discussion with the seller. The seller will make the decision. You bring your comparables, some of which you walked thru, your strategy and advice.
When walking thru the competition’s houses, put yourself in the buyers’ shoes. Buyers are looking for a deal.
So here is your strategy.
You walked into a comparable house for $500,000 just down the street. Nice, but your subject is better.
So technically, we would price ours at $510,000 because it’s better. But price it at $490,000 and you got a feeding frenzy of buyers all competing with each other with escalation addendums. This will bring offers much higher and Sold much faster. Always use the “Coming Soon” status to start feeding the excitement.
The wrong way:
Pricing too high and then slowly dropping the price when it does not sell, will be a disaster for the seller. Once the excitement of a new listing becomes a stale property, the time on the market and ultimate sales price drops considerably.
This has been another exciting “Training in a Minute“.
Keith